January 31st, 2024

Spot Bitcoin ETF Application Marks New Era For Hong Kong: Will It Unlock A Flood Of Chinese Investment?

In a significant development for the cryptocurrency market in Hong Kong, Harvest Fund has officially applied to the first-ever Bitcoin (CRYPTO: BTC) spot Exchange Traded Fund (ETF) with the Hong Kong Securities and Futures Commission (SFC).

Why It Matters:

The submission of this application by Harvest Fund is a clear indicator of the growing interest and acceptance of cryptocurrencies in mainstream financial markets.

This initiative follows closely on the heels of the U.S. Securities and Exchange Commission’s approval of the first batch of Bitcoin spot ETFs just two weeks prior, a decision that has seemingly influenced the SFC’s accelerated pace in this domain.

The potential approval of this ETF in Hong Kong could significantly broaden investment opportunities and attract a wider range of investors, including family offices that have previously been hesitant to directly engage in the Bitcoin market due to its complexity and perceived risks.

According to Anndy Lian, an intergovernmental blockchain advisor, the Chinese stock market was one of the worst performers globally in 2023, funds looking for crypto alternatives are a big plus for the crypto industry.

“Harvest Fund ranked China’s sixth-largest public fund manager. Having them filing for Bitcoin ETF would mean more Chinese money flowing into the ecosystem. This could be a start of seeing a rise in Bitcoin or Crypto Exchange-Traded Products (ETPs) too,” he says.

Read Also: Unlocking Crypto Riches: Crypto Expert Shares Guide How To Value Tokens

What’s Next:

The SFC is reportedly eager to expedite the approval process for Hong Kong’s first spot Bitcoin ETF, with plans to list it on the Hong Kong Stock Exchange shortly after the Chinese New Year.

This development could pave the way for multiple institutions to enter the market, mirroring the approach taken in the U.S., where firms like Grayscale, BlackRock Inc. (NYSE:BLK), and Fidelity rapidly grew their ETFs’ sizes.

However, as of now, Harvest Fund remains the only institution to have applied, despite interest from others. Additionally, Hong Kong’s ETF might distinguish itself from its U.S. counterparts by potentially allowing direct Bitcoin subscriptions, alongside traditional fiat currency subscriptions, offering a unique investment avenue in the region.

Source: https://markets.businessinsider.com/news/etf/spot-bitcoin-etf-application-marks-new-era-for-hong-kong-will-it-unlock-a-flood-of-chinese-investment-1033006451

https://www.benzinga.com/markets/asia/24/01/36823522/spot-bitcoin-etf-application-marks-new-era-for-hong-kong-will-it-unlock-a-flood-of-chinese-investmen

j j j

January 31st, 2024

Exchange token listing scams resurface after crypto market thaw

Crypto exchange listing scams are making a comeback amid a broader market recovery.

According to a Jan. 29 post by Yi He — a co-founder of Binance and the spouse of the exchange’s former CEO, Changpeng Zhao — a LinkedIn impersonator is using her name and position to offer token listings in exchange for payment.

“I do have a LinkedIn account, but I have long forgotten the password,” said He. “I am also not in charge of discussing with projects for a potential listing; please be wary of those who claim to be close to me and discuss with you about investments or listing.”

In a separate post, blockchain author Anndy Lian also revealed screenshots of WhatsApp users pretending to pose as Binance staff, with offers of free money for joining cryptocurrency discussion groups. “Binance does not have such groups that offer you passive income,” Lian wrote.

Binance’s customer support later clarified that users should use links from the official site to check if individuals reaching out with unsolicited offers are, in fact, from Binance. “It can be used for the website link, email address, phone number, WeChat ID, Twitter account, or Telegram ID,” it stated. “Please do not contact any unofficial/non-verified sources or reveal your account details to them.”

Exchange listing scams became widespread in the last bull market. An August 2022 Cointelegraph investigation revealed that scammers typically reach out to project developers and co-founders using seemingly legitimate professional LinkedIn profiles from reputable exchanges. Once the victim has been tricked, scammers require an initial “deposit,” which can be upward of 250,000 USDT to commence the listing process. Of course, once the victim pays the deposit, the token is never listed.

Source: https://cointelegraph.com/news/exchange-token-listing-scams-resurface-after-crypto-market-thaw

j j j

January 30th, 2024

Binance Warns of New Scam Token Listings Using LinkedIn

Binance, a leading name in the cryptocurrency realm, has sounded the alarm on a troubling trend: the resurgence of exchange token listing scams.

Exploiting the recent resurgence in crypto market activity, scammers are again preying on unsuspecting victims by impersonating prominent industry figures. Among those targeted are Yi He, the co-founder of Binance, and Anndy Lian, a distinguished blockchain author who has fallen victim to identity theft.

LinkedIn Impersonation: A Growing Threat

Yi He’s identity has been hijacked by fraudsters, who have crafted convincing LinkedIn profiles to trap their targets. These impostors promise potential victims token listings on Binance for hefty payments.

According to Coin Telegraph, Yi He has clarified her minimal involvement with LinkedIn and her complete detachment from listing negotiations. She urges caution and vigilance against individuals peddling false insider connections.

Anndy Lian’s Exposes WhatsApp Scams

Adding to the concern, Anndy Lian has shed light on a parallel scam operating through WhatsApp. Here, scammers masquerade as Binance personnel, enticing individuals to join cryptocurrency groups with promises of easy passive income.

In response, Binance has categorically stated that no such groups operate under its auspices. The exchange stresses the importance of verifying the legitimacy of any unsolicited offers.

Binance’s Commitment to Security and Vigilance

In light of these deceptive practices, Binance’s customer support has issued guidelines to safeguard users. They advise verifying the authenticity of any purported Binance-affiliated contact through official links provided on the exchange’s website.

While exchange token listing scams are not novel, their resurgence amidst the recent crypto market upswing underscores the need for heightened vigilance. These scams often commence with polished LinkedIn profiles reaching out to project developers, dangling the allure of token listings in exchange for substantial deposits. However, these promises invariably lead to financial losses as the anticipated listings fail to materialize.

Binance’s alert serves as a crucial reminder to exercise caution and diligence in navigating the increasingly complex landscape of cryptocurrency.

Source: https://www.econotimes.com/Binance-Warns-of-New-Scam-Token-Listings-Using-LinkedIn-1670448

j j j